Adroit Industries (India)

ListedListed 30 Sep 2026MainboardNSE: ADROITINDCheck allotment

Current price₹ 168.85+26.01% since issue

Listing day+75.37%

Issue price: ₹ 134
Issue size: ₹ 150.71 Cr.
Min. investment: ₹ 14,874
Listing price: ₹ 235
Subscribed: 176.85x
Lot size: 111 shares
P/E: 22.95
RoNW: 18.94%
RoCE: 17.06%
Debt / Equity: 0.63
PAT margin: 13.55%
EBITDA margin: 23.17%
RoE: 18.97%
EPS: ₹ 5.84
NAV: ₹ 29.65
Promoter stake: 71.86%

About

Adroit Industries (India) Ltd was incorporated in 1966. It manufactures propeller shafts and torque transmission components. A propeller shaft is the rotating tube that carries power from the gearbox to the wheels, so these parts sit in the drive line of a vehicle or in industrial machinery. The company runs a fully integrated setup, handling forging, machining, assembly and testing in house. Doing all of it under one roof helps it control both quality and cost rather than depending on outside job workers for the critical steps. It offers more than 5,000 products and sells to distributors, to large component manufacturers and directly to original equipment makers. Its parts go mainly into commercial vehicles, defence, heavy equipment and industrial machinery. Its manufacturing facilities are in Madhya Pradesh. Its customers include Godrej & Boyce Manufacturing, BEML, VE Commercial Vehicles, Sandvik Mining and Rock Technology India and Oilgear India. It exports to more than 25 countries across North America, Europe and the Asia Pacific region.

Timeline

Opens
23 Sep
done
Closes
25 Sep
done
Allotment
28 Sep
done
Refunds
29 Sep
done
Demat credit
29 Sep
done
Listing
30 Sep
done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest: ₹ 58 on 27 Sep 2026
Lowest: ₹ 32 on 20 Sep 2026
First quoted: ₹ 37 on 18 Sep 2026

Subscription

How many times each investor group bid for its share, as of 30 Sep 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type

Retail (Min)	1	111	₹ 14,874
Retail (Max)	13	1,443	₹ 1,93,362
S-HNI (Min)	14	1,554	₹ 2,08,236
B-HNI (Min)	68	7,548	₹ 10,11,432

Company overview

Financials

Financials by year

Assets	205.69	187.01	199.39	185.15
Total Income	71.45	136.61	125.1	104.49
Profit After Tax	10.64	18.14	14.53	6.42
EBITDA	15.24	31.02	29.69	14.17
NET Worth	114.96	103.53	87.82	65.35
Reserves and Surplus	97.5	86.07	70.37	47.89
Total Borrowing	5.11	8.32	16.29	30.44

Strengths

The company has a very long record, having been incorporated in 1966, which is about 60 years.
Profit has grown strongly, from Rs 6.42 crore in FY2023 to Rs 14.53 crore in FY2024 and Rs 18.14 crore in FY2025.
Sales have grown steadily over the same period, from Rs 104.49 crore to Rs 136.61 crore.
The margin is good for an auto component maker, with a PAT margin of 13.55% and an EBITDA margin of 23.17%.
The company has cut its debt sharply, from Rs 30.44 crore in FY2023 to Rs 8.32 crore in FY2025 and Rs 5.11 crore as on 30 September 2025.
Being fully integrated from forging through to testing is a real advantage in drive line parts, where quality failures are costly.
The customer list is reputed and spread across sectors, including Godrej & Boyce, BEML, VE Commercial Vehicles and Sandvik Mining and Rock Technology.
It exports to more than 25 countries and supplies defence and heavy equipment alongside commercial vehicles, so it is not tied to one end market.

Risks

The issue is priced at about 22.95 times earnings on an EPS of Rs 5.84, which is full for an auto component maker.
Promoter holding will come down from 96.1% to 71.86% after the issue.
The latest column in the offer document is a half year ending 30 September 2025, so the most recent data is about a year old.
Total assets have barely moved in three years, from Rs 185.15 crore in FY2023 to Rs 205.69 crore as on 30 September 2025, so capacity has not grown much.
Demand follows the commercial vehicle and capital goods cycle, and a slowdown in truck or equipment sales passes straight through to a component supplier.
Steel and forging input costs move sharply and cannot always be passed on where OEM prices are fixed annually.
The manufacturing is concentrated in Madhya Pradesh, so there is location risk.
This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.

What the money is for

Objects of the issue

Funding capital expenditure by the Company towards procurement of; (i) machinery and equipment for enhancement of operations at Dewas Facility; and (ii) transportation vehicle for local transportation of goods between the Manufacturing Facilities	16.77
Investment in the Subsidiary, Adroit Driveshafts Private Limited, in the form of debt or equity or a combination thereof, for funding capital expenditure towards procurement of; (i) machinery and equipment for enhancement of operations at Pithampur Facility; and (ii) transportation vehicle for local transportation of goods between the Manufacturing Facilities	36.96
Investment in the Subsidiary, Adroit Driveshafts Private Limited, in the form of debt or equity or a combination thereof, for re-payment or pre-payment, in full or in part, of certain borrowings availed by the Subsidiary	20.27
General Corporate Purposes	—

Promoters

Saurabh Sangla
Mukesh Sangla
Monika Sangla
Shubhangi Trust
Shreya Trust
Swan Irrigation

Promoter holding96.1%→71.86%before → after the issue · down 24.24 points

Anchor investors

6 anchors put in ₹ 45.21 Cr..

Anchor investors

ABAKKUS VENTURE OPPORTUNITIES FUND	7,46,364	10	22.12%
CHHATTISGARH INVESTMENTS LTD.	7,46,364	10	22.12%
VALOUR CAPITAL TRUST-I	5,59,773	7.5	16.59%
COGNIZANT CAPITAL DYNAMIC OPPORTUNITIES FUND	5,59,773	7.5	16.59%
AARTH AIF GROWTH FUND	3,88,644	5.21	11.52%
FORTUNE HANDS GROWTH FUND-FORTUNE HANDS GROWTH FUND SCHEME I	3,73,182	5	11.06%

Registrar, lead managers and documents

Listing on: BSE, NSE
Face value: ₹ 10 a share
Registrar: Bigshare Services Private Limited
Lead managers: Choice Capital Advisors Pvt.Ltd.
Basis of allotment: Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.